By 2030, Hydrogen Market to Hit $136,185.0 Million Revenue

The hydrogen market is expected to capture $196,934.5 million revenue by 2030, attributed to the surging demand for the fertilizers in agriculture and rising establishments of the crude oil refining companies, leading to the worldwide growing demand for hydrogen. The ammonia is produced by hydrogen; it is further used to create nitrogen-based fertilizers. The rising environmental concerns and strict regulations to decrease the sulfur content in crude oil lead to extensive hydrogen demand.

Considering the production process, the hydrogen market is divided into electrolysis, partial oxidation, steam-methane reforming, coal gasification, and others. Steam-methane reforming dominates the market, attributed to its high adoption rate in the hydrogen-producing companies, facilitated by the natural gas supply chain, economic cost and increased operational efficiency. Based on the distribution method, the market is categorized into cylinder, tanker and on-site generation.

Browse full report at: https://www.psmarketresearch.com/market-analysis/hydrogen-market

The hydrogen market in APAC is predicted to experience significant growth in the near future, considering the rising chemical production and crude oil refining activities. Moreover, the increased investments and initiatives in the fuel-cell vehicle market result in increased hydrogen demand, boosting the market. Furthermore, the increased requirement for fertilizers in the region due to the agriculture-based economy of India and China leads to market expansion with the rising demand for ammonia, thus propelling the market.

The surging usage of ammonia-based fertilizer drives the hydrogen market. The decline in the fertile land in recent years due to environmental factors, climate change and human activities has led to the increased usage of ammonia-based fertilizer in the available farms to enhance crop production. The combination of nitrogen and hydrogen produced ammonia, a significant ingredient of the nitrogen-fertilizer, resulting in increased demand for hydrogen in the near future.

Make inquiry before purchase of this report: https://www.psmarketresearch.com/send-enquiry?enquiry-url=hydrogen-market

The major players in the hydrogen market are focusing on merging or acquiring their competitors to scale themselves geographically and cater to the more extensive consumer base. For instance, the General Motor Company acquired 11% shares of Nikola Corporation in September 2020. Similarly, in October 2019, the Linde plc acquired a minor stake in the U.K.-based company ITM Power Plc.

Therefore, the growing requirement for nitrogen-based fertilizer to improve crop production and rapid industrialization results in the market boom.

Browse more reports:

Global Hydrogen Storage Market Report - https://www.psmarketresearch.com/market-analysis/hydrogen-storage-market

Global Industrial Gases Market Report - https://www.psmarketresearch.com/market-analysis/industrial-gases-market

Contact:
P&S Intelligence
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Blog: https://chemicalmaterialsnews.blogspot.com

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.